Nvidia Crushes Q2 Expectations with Record-Breaking AI Chip Demand

Nvidia's latest quarterly results have surpassed Wall Street's expectations for the third consecutive year, driven by strong demand for its high-end artificial intelligence (AI) chips.

The company reported a net income of $59.69 billion for the May-July period, with earnings per share at $2.46 compared to $1.08 in the same quarter last year.

Excluding certain items, Nvidia's earnings were $2.22 per share, exceeding the consensus forecast by Wall Street analysts of $2.09 per share.

The revenue more than doubled from a year earlier to $96.22 billion, surpassing analysts' average forecast of $92.27 billion.